MIRA INFORM REPORT

 

 

Report No. :

346904

Report Date :

27.10.2015

 

IDENTIFICATION DETAILS

 

Name :

DICITEX FURNISHINGS LIMITED [W.E.F.18.01.2007]

 

 

Formerly Known As :

DICITEX FURNISHINGS PRIVATE LIMITED

 

 

Registered Office :

301-B, Palm Court Complex, M Building, B wing, 3rd Floor, Above Dmart, Malad Link Road, Malad (West), Mumbai – 400064, Maharashtra

Tel. No.:

91-22-40812222

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

03.05.1999

 

 

Com. Reg. No.:

11-119692

 

 

Capital Investment / Paid-up Capital :

Rs.50.960 Million

 

 

CIN No.:

[Company Identification No.]

U17120MH1999PTC119692

 

 

IEC No.:

0399014365

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMD06425G

 

 

PAN No.:

[Permanent Account No.]

AAACD7780R

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter, Importer and Suppliers of Fabrics, Embroidery Fabrics, Curtain Fabrics, Beddings, Cushions, Curtains etc.

 

 

No. of Employees :

680 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 1999 having satisfactory track.

 

Subject is engaged in the business as manufacturer, exporter, importer and supplier of fabrics, embroidery fabrics, curtain fabrics, bedding cushions, curtains etc.

 

Profit of the company has declined during FY 2014. However, net worth position of the company is satisfactory. General financial position of the company is normal and acceptable for business dealings.

 

Further, the rating also takes into consideration favorable gap between trade payables and trade receivables.

 

 Trade relations are reported as fair. Business is active. Payments terms are reported as usually correct and as per commitments.

 

In view of long track record and acceptable financial base, the company can be considered normal for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Bank Facilities = BB+

Rating Explanation

Moderate risk of default.

Date

13.07.2015

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Anil

Designation :

Account Manager 

Contact No.:

91-22-40812222

Date :

24.10.2015

 

 

LOCATIONS

 

Registered Office :

301-B, Palm Court Complex, M Building, B wing, 3rd Floor, Above Dmart, Malad Link Road, Malad (West), Mumbai – 400064, Maharashtra, India

Tel. No.:

91-22-40812222

Fax No.:

91-22-28442644

E-Mail :

finance@dctex.com

Website :

http://www.dctex.com

Location :

Owned 

 

 

Factory :

Plot No. G/58, MIDC, Tarapur, Thane – 401506, Maharashtra, India

Tel. No.:

91-252-275101 / 276701

 

 

DIRECTORS

 

AS ON 25.09.2014

 

Name :

Mr. Manoharlal Dharamchand Arora

Designation :

Director

Address :

D.C. House Road, No. 10, Plot No. 4, Nutan Laxmi Society, JVPD Scheme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

01.07.1942

Date of Appointment :

03.05.1999

DIN :

00163773

PAN No.:

AABPA5853G

 

 

Name :

Mr. Rajnish M. Arora

Designation :

Director

Address :

D.C. House Road, No. 10, Plot No. 4, Nutan Laxmi Society, JVPD Scheme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

23.09.1968

Date of Appointment :

03.05.1999

DIN :

00201764

PAN No.:

AADPA1466B

 

 

Name :

Mr. Nimish Manoharlal Arora

Designation :

Managing Director

Address :

D.C. House Road, No. 10, Plot No. 4, Nutan Laxmi Society, JVPD Scheme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

17.12.1972

Date of Appointment :

03.05.1999

DIN :

00054001

PAN No.:

AARPA2993B

 

 

Name :

Mrs. Veena Manoharlal Arora

Designation :

Director

Address :

D.C. House Road, No. 10, Plot No. 4, Nutan Laxmi Society, JVPD Scheme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

15.12.1943

Date of Appointment :

03.05.1999

DIN :

00163737

PAN No.:

AADPA1464D

 

 

KEY EXECUTIVES

 

Name :

Mr. Anil

Designation :

Account Manager 

 

 

MAJOR SHAREHOLDERS

 

AS ON 25.09.2014

 

Names of Shareholders

 

No. of Shares

Manoharlal D. Arora

 

127200

Veena Manoharlal Arora

 

127200

Rajnish M. Arora

 

127200

Nimish M. Arora

 

127200

Dicitex Home Furnishings Private Limited, India

 

500

Manoharlal Arora (HUF)

 

100

Nimish Arora (HUF)

 

100

Rajnish Arora (HUF)

 

100

Total

 

509600

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 25.09.2014

 

Category

Percentage

Bodies corporate

0.16

Directors or relatives of Directors

99.84

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter, Importer and Suppliers of Fabrics, Embroidery Fabrics, Curtain Fabrics, Beddings, Cushions, Curtains etc.

 

 

Products :

Item Code No.

Product Description

58019090

Manmade Chenille Fabrics

54025200

Polyester Filament Yarn- Twisted

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • USA
  • UK
  • Switzerland

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Switzerland
  • Korea
  • Italy

 

 

Terms :

 

Selling :

L\C, Cheque and Credit

 

 

Purchasing :

L\C, Cheque and Credit

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Wholesalers and Retailers

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

680 (Approximately)

 

 

Bankers :
  • Standard Chartered Bank, Standard Chartered Tower, 201, B/1, Western Express Highway, Goregaon (East), Mumbai - 400063, Maharashtra, India

 

Banker Name

Union Bank of India

Branch Address

Goregaon (East) Branch, 172/73, Shri Sadan, Shantaben Estate, Goregaon (East), Mumbai – 400063, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Rupee term loans from banks

158.020

185.510

Loans taken for vehicles

0.458

2.742

SHORT TERM BORROWING

 

 

Loans repayable on demand from banks

528.487

482.030

Total

686.965

670.282

 

Auditors :

 

Name :

Bagaria and Company

Chartered Accountants

Address :

316 A, Chacha Bhatija Building, Shivsena Gali, Bhayander (West), Bhayandar – 401101, Mumbai, Maharashtra, India

India

Tel. No.:

91-22-26209952 / 26289266

E-Mail :

bagaria@mtnl.net.in

PAN N Income-tax PAN of auditor or auditor's firm :

AAGFB9902N

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:
  • Dicitex Home Furnishings Private Limited, India [U18101MH2000PTC126317]
  • D C Synthetics Private Limited, India [U99999MH1981PTC024438]
  • Bellevue Traders Private Limited, India [U51420MH2001PTC130979]
  • Dicitex Lifestyle Private Limited, India [U17110MH2004PTC145216]
  • Dicitex Retail Private Limited, India [U52100MH2012PTC232710]

 

 

CAPITAL STRUCTURE

 

AS ON 25.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

510000

Equity Shares

Rs.100/- each

Rs.51.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

509600

Equity Shares

Rs.100/- each

Rs.50.960 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

50.960

50.960

50.960

(b) Reserves & Surplus

366.398

339.409

286.550

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

417.358

390.369

337.510

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

290.452

345.312

322.038

(b) Deferred tax liabilities (Net)

1.327

0.000

0.000

(c) Other long term liabilities

8.678

9.732

6.576

(d) long-term provisions

24.906

3.165

7.064

Total Non-current Liabilities (3)

325.363

358.209

335.678

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

528.487

482.030

417.817

(b) Trade payables

211.595

116.263

143.049

(c) Other current liabilities

103.715

86.735

86.425

(d) Short-term provisions

63.132

80.252

59.300

Total Current Liabilities (4)

906.929

765.280

706.591

 

 

 

 

TOTAL

1649.650

1513.858

1379.779

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

529.628

535.527

558.296

(ii) Intangible Assets

0.748

0.965

2.379

(iii) Capital work-in-progress

0.981

0.030

0.454

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

25.812

24.768

23.678

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

73.476

21.688

18.633

(e) Other Non-current assets

6.670

10.120

0.605

Total Non-Current Assets

637.315

593.098

604.045

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

546.189

382.992

428.797

(c) Trade receivables

315.317

315.177

252.551

(d) Cash and cash equivalents

4.950

6.534

2.496

(e) Short-term loans and advances

99.924

113.535

68.579

(f) Other current assets

45.955

102.520

23.311

Total Current Assets

1012.335

920.758

775.734

 

 

 

 

TOTAL

1649.650

1513.856

1379.779

 

 

PROFIT & LOSS ACCOUNT

 

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

1673.049

1500.554

1430.243

 

Other Income

91.793

111.321

82.436

 

TOTAL (A)

1764.842

1611.875

1512.679

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

414.099

385.896

378.588

 

Purchases of Stock-in-Trade

619.003

451.409

576.289

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(155.354)

(58.576)

(236.132)

 

Employees benefits expense

115.310

100.030

86.023

 

Other expenses

526.693

456.355

442.749

 

 Extraordinary items

37.707

25.949

 

 

TOTAL (B)

1557.458

1361.063

1247.517

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

207.384

250.812

265.162

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

110.811

103.828

94.889

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

96.573

146.984

170.273

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

76.264

78.472

82.938

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

20.309

68.512

87.335

 

 

 

 

 

Less

TAX (H)

(6.680)

15.653

24.911

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

26.989

52.859

62.424

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

52.96

103.73

122.5

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

1720.000

 

 

 

 

 

The above information has been parted by Mr. Anil (Account Manager).

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

65.965

55.663

55.954

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

227.929

42.400

15.404

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

1.61

3.52

4.36

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

12.40

16.71

18.54

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.25

4.60

6.44

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.05

0.18

0.26

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.12

2.26

2.36

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.12

1.20

1.10

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

50.960

50.960

50.960

Reserves & Surplus

286.550

339.409

366.398

Net worth

337.510

390.369

417.358

 

 

 

 

long-term borrowings

322.038

345.312

290.452

Short term borrowings

417.817

482.030

528.487

Current maturities of long-term debts

55.954

55.663

65.965

Total borrowings

795.809

883.005

884.904

Debt/Equity ratio

2.358

2.262

2.120

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

1430.243

1500.554

1673.049

 

 

4.916

11.495

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

1430.243

1500.554

1673.049

Profit

62.424

52.859

26.989

 

4.36%

3.52%

1.61%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last four years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE: The registered office address of the company has been shifted from “Palm Court, M Building, B’ Wing, 2nd Floor, Above D’Mart, Malad (West), Mumbai – 400064, Maharashtra, India” to the present address w.e.f. 10.03.2008

 

 

RESULTS OF OPERATION

 

During the financial year, the Revenue from operations of Company has increased to Rs. 1688.842 Million as against Rs. 1517.324 Million in respect of the previous financial year ended 31st March, 2013, registering a growth of around 11% over the previous Financial Year, however the Profit before extraordinary items, Depreciation, Interest and Tax have gone down to Rs. 234.878 Million (14%) in current financial year from Rs. 266.933 Million (18%) as compared to the last year. The Company’s net margin for the year has gone down to Rs. 269.90 Lacs as against Net margin of Rs. 52.859 Million in the previous financial year attributable to an extra ordinary loss of Rs. 37.706 Million resulting due to less claim passed by the insurance company.

 

 

UNSECURED LOAN

 

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loans and advances from directors

131.974

157.060

Total

131.974

157.060

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10513558

30/07/2014

48,500,000.00

STANDARD CHARTERED BANK

1ST FLOOR, 270 D N ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

C15470438

2

10452148

21/10/2014 *

120,000,000.00

UNION BANK OF INDIA

SHRI SADAN, SHANTABEN ESTATE, GOREGAON EAST, MUMBAI, MAHARASHTRA - 400063, INDIA

C35769157

3

10452164

21/10/2014 *

20,000,000.00

UNION BANK OF INDIA

SHRI SADAN, SHANTABEN ESTATE, GOREGAON EAST, MUMBAI, MAHARASHTRA - 400063, INDIA

C35769629

4

10174904

21/10/2014 *

350,000,000.00

UNION BANK OF INDIA

SHRI SADAN, SHANTABEN ESTATE, GOREGAON EAST, MUMBAI, MAHARASHTRA - 400063, INDIA

C35723501

5

10030828

21/10/2014 *

20,000,000.00

UNION BANK OF INDIA

SHRI SADAN, SHANTABEN ESTATE, GOREGAON EAST, MUMBAI, MAHARASHTRA - 400063, INDIA

C35769538

6

80019403

21/10/2014 *

230,000,000.00

UNION BANK OF INDIA

SHRI SADAN, SHANTABEN ESTATE, GOREGAON EAST, MUMBAI, MAHARASHTRA - 400063, INDIA

C35714906

7

80019401

21/10/2014 *

200,000,000.00

UNION BANK OF INDIA

SHRI SADAN, SHANTABEN ESTATE, GOREGAON EAST, MUMBAI, MAHARASHTRA - 400063, INDIA

C35769751

8

90144100

21/10/2014 *

15,000,000.00

UNION BANK OF INDIA

SHRI SADAN, SHANTABEN ESTATE, GOREGAON EAST, MUMBAI, MAHARASHTRA - 400063, INDIA

C35769843

9

90142800

21/10/2014 *

130,000,000.00

UNION BANK OF INDIA

SHRI SADAN, SHANTABEN ESTATE, GOREGAON EAST, MUMBAI, MAHARASHTRA - 400063, INDIA

C35718329

 

* Date of charge modification

 

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2014

31.03.2013

Guarantees

690.716

636.193

Other money for which company is contingently liable

63.955

52.859

 

 

FIXED ASSETS

 

Tangible assets

 

  • Land
  • Buildings
  • Plant and equipment
  • Factory equipment’s
  • Furniture and fixtures
  • Vehicles
  • Office equipment

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                                       None

           

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs.64.96

UK Pound

1

Rs.99.55

Euro

1

Rs.71.64

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

GEET

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

43

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.